Episode 61 - Differentiating yourself from the competition

How often do you check out what your competition is doing? How often do you look at leaders in your industry to see how they are innovating? In this episode, we discuss how to do market research to strengthen your competitive advantage.   

Reminder: Build your home base

In episode 2, we discussed why it is so important to have a website and not rely strictly on social media. Vine recently announced that it will be shutting down and Twitter is looking (unsuccessfully) for a buyer. As the social media landscape changes, it is more important than ever to make sure you have a website to which you drive traffic.

Differentiating yourself from the competition

Large companies are always doing market research on their competition. Why don't small businesses do this? We think you should. Don't just look at your local competition. Look for businesses in other areas of the country who are succeeding. You can either look in geographic areas that are similar to yours or look on social media channels for businesses in your field that have large followings. Try to find five or six businesses that have a good size social media following for your industry and do some comparative analysis.

Doing comparative analysis

Here are some of the things you should look at when doing your comparisons:

• Which formats do each of the companies use to deliver its solutions?
• How is each company marketing itself and how is it selling?
• Which benefits are these companies using in their messaging?
• What topics are these companies discussing with their audience?
• At which price points are these companies selling?

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